An experienced divorce attorney can help you uncover the truth.
Getting a divorce can be painful and complicated. In a perfect world, each spouse would be completely honest about financial assets so that a fair resolution could be reached that works for both parties. But in reality, it’s not unusual for one spouse to try to hide assets from the other in an attempt to limit their financial obligations.
Finding these hidden assets is crucial because it can significantly impact the outcome of a divorce settlement. Without a complete and accurate understanding of the couple's financial situation, the spouse with hidden assets may end up with more than they're legally entitled to, leaving the other spouse at a disadvantage.
Uncovering hidden assets often requires a thorough investigation led by an experienced divorce attorney. Here are five sources investigators will turn to for more information.
Tax returns
These can provide a closer look into your spouse's financial status in recent years. Tax returns may include information about investments or real estate holdings you didn’t know about. Certain deductions or credits could be an indication of hidden accounts or other sources of income. Discrepancies between amounts reported on tax returns and those listed on bank statements could indicate expenses paid for in cash. If you have access to your spouse’s credit report, that can help reveal debts and other liabilities.
Bank accounts
Statements from these accounts can give you a look into money transfers that may indicate other sources of income or unusual financial activities. When compared to tax returns, the information in these statements can help you discover unreported income or hidden assets. Large deposits or withdrawals that are unusual could also be a sign that your spouse has been trying to hide money.
Friends and family
When you're trying to find hidden money during a divorce, think about people who are close to your spouse. These may include not only friends and family but also coworkers or even your spouse’s boss. Some may be aware of financial activities, investments, or real estate holdings that were kept secret from you.
Business records
If your spouse owned any businesses or made any investments during the marriage – such as a corporation, partnership, or limited liability company – these records could uncover funds diverted from joint accounts or used to buy assets you didn’t know about. A divorce attorney can gain access to these records and carefully review profits, losses, investments, and payments.
The tax assessor’s office
You may be able to find real estate holdings or investments by researching property ownership records. There may have been primary residences, rental properties, or vacation homes bought during the marriage. These records could also contain information about other sources of income.
Protect your rights during divorce. Call Courtney Clark Law today.
A divorce is a major life change that impacts you emotionally and financially. It’s important to make sure any resolution is one that is fair so that you can move forward with your life. The divorce attorneys at Courtney Clark Law, P.C. in Illinois have handled countless financially complex cases and know how to uncover hidden assets.
Get a lawyer who is focused on your future. If you are getting a divorce in Belleville or a surrounding community, we can help. Contact us to schedule a free case evaluation.